The study compares the average cost of buying currency in the airport to buying in advance from the Post Office – so holidaymakers could save even more by shopping around to make sure they get the very best rate available on the market.

To put the extra cost into perspective, the study looked at what the average holidaymaker could buy with savings made from buying currency in advance.

A £12.56 saving on the average transaction of exchanging £268 into euros could buy nine ice creams in Majorca, a snack lunch for a family of four in the Costa del Sol, nine bottles of beer in the Algarve or two sets of bucket and spade in Corfu.

Those traveling to Australia, Canada and Dubai fare even worse on average, losing out on £18.64, £18.43 and £16.71 respectively.

British holidaymakers travelling abroad are currently benefiting the strengthening pound, which means travel money is likely to go further in most destinations this year than last.

Planning ahead: Travellers are unlikely to get the best possible deal at the airport, the study from the Post Office suggested

Britons travelling to the United States are getting more bang for their buck than at any time in nearly five years and settling is also up six per cent against the euro since July last year.

The pound has risen sharply in recent months on speculation that the Bank of England will raise interest rates before the US Federal Reserve or the European Central Bank.